[ANN] HaoBTC, mining dividend paid out hourly

[DebitMe]

How many confirmations normally does it take to get coins in?  I have 10 confirmations and they haven't shown up yet.  Will email support.

it's actually pretty fast. 10 conf is way too long.

Update, my deposits have shown up.

[fuddudle]

Going to give this a try. I'm assuming the finance part is a fixed term loan with higher interest rate?

[DebitMe]

Going to give this a try. I'm assuming the finance part is a fixed term loan with higher interest rate?

Also more initial capital.  I believe you must put in 10 bitcoins minimum.  But yes higher interest rate, but still the ability to withdraw at any time, you just lose the interest accumulated for the current month.

[TracerX]

Going to give this a try. I'm assuming the finance part is a fixed term loan with higher interest rate?

Also more initial capital.  I believe you must put in 10 bitcoins minimum.  But yes higher interest rate, but still the ability to withdraw at any time, you just lose the interest accumulated for the current month.

This is right.  The account is still liquid, you just lose the 12%+ interest if you don't hold it in the account for the entire term.  The money continues to net interest at the specified rate automatically after the previous term is met.

[ranlo]

I wouldn't be worried about exit strategy. Just securing funds. As Eric has said in response to my questions, the worst that would happen to users is no more interest. But asking what happens if they're hacked is a great question.

I think they need to introduce some bounty campaigns in order to detect any backdoor(s) if present within their databases. And most importantly, trusting their staff members is vital to run an investment scheme where any miracle may happen anytime and the staff members doesn't run away with all the funds !

Technically, they have a bounty system: the hot wallet, :p.

I get where you're coming from, though. I'm personally less worried about site security than I am what they do if it's compromised. To me, it's like a bank: if the bank gets robbed, it doesn't affect me. I don't care about their security protocols, I just care about the end result for me, considering I have no say in how they run their business/secure it.

[monbux]

I wouldn't be worried about exit strategy. Just securing funds. As Eric has said in response to my questions, the worst that would happen to users is no more interest. But asking what happens if they're hacked is a great question.

I think they need to introduce some bounty campaigns in order to detect any backdoor(s) if present within their databases. And most importantly, trusting their staff members is vital to run an investment scheme where any miracle may happen anytime and the staff members doesn't run away with all the funds !

Technically, they have a bounty system: the hot wallet, :p.

I get where you're coming from, though. I'm personally less worried about site security than I am what they do if it's compromised. To me, it's like a bank: if the bank gets robbed, it doesn't affect me. I don't care about their security protocols, I just care about the end result for me, considering I have no say in how they run their business/secure it.

Has Eric answered to what the company would do IF they did get hacked and lost a large amount of users' bitcoins?

[samuray34amo]

Hi all, I want to ask a question. (noob question)
I signed up on haobtc yesterday, and they asked me to set password which contains only 6 figures. What does 6 figures mean?
I tried to enter 6 digits numbers but it doesn't work.
Hope someone here can enlighten me! Thanks

[ranlo]

I wouldn't be worried about exit strategy. Just securing funds. As Eric has said in response to my questions, the worst that would happen to users is no more interest. But asking what happens if they're hacked is a great question.

I think they need to introduce some bounty campaigns in order to detect any backdoor(s) if present within their databases. And most importantly, trusting their staff members is vital to run an investment scheme where any miracle may happen anytime and the staff members doesn't run away with all the funds !

Technically, they have a bounty system: the hot wallet, :p.

I get where you're coming from, though. I'm personally less worried about site security than I am what they do if it's compromised. To me, it's like a bank: if the bank gets robbed, it doesn't affect me. I don't care about their security protocols, I just care about the end result for me, considering I have no say in how they run their business/secure it.

Has Eric answered to what the company would do IF they did get hacked and lost a large amount of users' bitcoins?

Not that I'm aware of. At this point I'd require a third party handling insurance. So far, every self-insured BTC business I've heard of has tanked and not followed through on their promises.

[Mikestang]

How many confirmations normally does it take to get coins in?  I have 10 confirmations and they haven't shown up yet.  Will email support.

My deposits always have shown up in my account before receiving any confirmations.  Thus far once my deposit tx is broadcast to a few nodes on the network the funds show up in my HaoBTC account.

Hi all, I want to ask a question. (noob question)
I signed up on haobtc yesterday, and they asked me to set password which contains only 6 figures. What does 6 figures mean?
I tried to enter 6 digits numbers but it doesn't work.
Hope someone here can enlighten me! Thanks

6 numbers, no letters or punctuation.  They are supposed to work on better English translations on the web site.

[Icon]

believe that's for withdraws that and if you use Googles  2FA just an added layer of security.

Icon

[fuddudle]

Going to give this a try. I'm assuming the finance part is a fixed term loan with higher interest rate?

Also more initial capital.  I believe you must put in 10 bitcoins minimum.  But yes higher interest rate, but still the ability to withdraw at any time, you just lose the interest accumulated for the current month.

This is right.  The account is still liquid, you just lose the 12%+ interest if you don't hold it in the account for the entire term.  The money continues to net interest at the specified rate automatically after the previous term is met.

What is the minimum term length?

Is there a page anywhere that has this documented?

[ranlo]

Going to give this a try. I'm assuming the finance part is a fixed term loan with higher interest rate?

Also more initial capital.  I believe you must put in 10 bitcoins minimum.  But yes higher interest rate, but still the ability to withdraw at any time, you just lose the interest accumulated for the current month.

This is right.  The account is still liquid, you just lose the 12%+ interest if you don't hold it in the account for the entire term.  The money continues to net interest at the specified rate automatically after the previous term is met.

What is the minimum term length?

Is there a page anywhere that has this documented?

1 month is the shortest. And yes, it's on the financing page.

[Eric Mu]

...So far, every self-insured BTC business I've heard of has tanked and not followed through on their promises.

To my knowledge, Coinbase is the only BTC business that claims to have brought a third-party insurer onboard. Correct me if I am wrong. Third-party insurance, at least in China, is more of an issue of availability. Hard to get a insurance company that are savvy enough and interested enough; compounding the difficulty, the young age of the industry means that there most likely aren't any available model to calculate the risk. But we are in talks with insurance companies over possibility of insuring our Kangding mining facility against earthquake damage. Will post if there are any development.
 

[Eric Mu]

Hi all, I want to ask a question. (noob question)
I signed up on haobtc yesterday, and they asked me to set password which contains only 6 figures. What does 6 figures mean?
I tried to enter 6 digits numbers but it doesn't work.

The payment password is the secondary password that you are required to provide when making a withdrawl. It should be a 6 digit numeral combination. Please send a screenshot to support@haobtc.com so our tech can troubleshoot the problem.

[ranlo]

...So far, every self-insured BTC business I've heard of has tanked and not followed through on their promises.

To my knowledge, Coinbase is the only BTC business that claims to have brought a third-party insurer onboard. Correct me if I am wrong. Third-party insurance, at least in China, is more of an issue of availability. Hard to get a insurance company that are savvy enough and interested enough; compounding the difficulty, the young age of the industry means that there most likely aren't any available model to calculate the risk. But we are in talks with insurance companies over possibility of insuring our Kangding mining facility against earthquake damage. Will post if there are any development.
 

Circle and Xapo are also insured, and both are, I believe, done by a third party.

[Eric Mu]

I wouldn't be worried about exit strategy. Just securing funds. As Eric has said in response to my questions, the worst that would happen to users is no more interest. But asking what happens if they're hacked is a great question.

I think they need to introduce some bounty campaigns in order to detect any backdoor(s) if present within their databases. And most importantly, trusting their staff members is vital to run an investment scheme where any miracle may happen anytime and the staff members doesn't run away with all the funds !

Technically, they have a bounty system: the hot wallet, :p.

I get where you're coming from, though. I'm personally less worried about site security than I am what they do if it's compromised. To me, it's like a bank: if the bank gets robbed, it doesn't affect me. I don't care about their security protocols, I just care about the end result for me, considering I have no say in how they run their business/secure it.

Has Eric answered to what the company would do IF they did get hacked and lost a large amount of users' bitcoins?

This is one of the frequently asked questions and I did answered it before.
Most of the users' coins were used to invest in our mining facility - FYI our second farm is currently under construction.
So they are in the form of bricks, cement, rein bars, steel sheets and silicon chips and plastic motherboards, they are physical therefore hacker-proof.
That is not to say that there aren't any risks.
There are still thieves, fire, earthquakes, aged transformer and Internet outage to worry about.

[jadefalke]

Hey so to sum it up:

1. No Insurance
2. No Security Audit done yet nor planned
3. No Audit of the Platform
4. No Bug Bounty

For me a clear No Thanks.

[Eric Mu]

...So far, every self-insured BTC business I've heard of has tanked and not followed through on their promises.

To my knowledge, Coinbase is the only BTC business that claims to have brought a third-party insurer onboard. Correct me if I am wrong. Third-party insurance, at least in China, is more of an issue of availability. Hard to get a insurance company that are savvy enough and interested enough; compounding the difficulty, the young age of the industry means that there most likely aren't any available model to calculate the risk. But we are in talks with insurance companies over possibility of insuring our Kangding mining facility against earthquake damage. Will post if there are any development.
 

Circle and Xapo are also insured, and both are, I believe, done by a third party.

Is it the same insurance company? Do you know its name or names if there is more than one?

[Eric Mu]

Hey so to sum it up:

1. No Insurance
2. No Security Audit done yet nor planned
3. No Audit of the Platform
4. No Bug Bounty

For me a clear No Thanks.

I worked for a big BTC exchange prior to joining HaoBTC. They did a Proof-of-Reserve audit done by someone quite well-known in the community. Complete joke if you ask me.
We have been running the service for a year now, and not a single user lost their money because of our technological failure, isn't that track-record something that will ease your mind a little?
We are not offering bug bounty, but we have been receiving blackmail emails fairly frequently, mostly in the form of "give me xxx BTC or your website will be destroyed". Nothing of that kind has happened so far.

[Eric Mu]

...So far, every self-insured BTC business I've heard of has tanked and not followed through on their promises.

To my knowledge, Coinbase is the only BTC business that claims to have brought a third-party insurer onboard. Correct me if I am wrong. Third-party insurance, at least in China, is more of an issue of availability. Hard to get a insurance company that are savvy enough and interested enough; compounding the difficulty, the young age of the industry means that there most likely aren't any available model to calculate the risk. But we are in talks with insurance companies over possibility of insuring our Kangding mining facility against earthquake damage. Will post if there are any development.
 

Circle and Xapo are also insured, and both are, I believe, done by a third party.

I don't know about the other two. Only read the Coinbase release and think it is a bit sketchy － You don't get many details as to what kind of coverage the users will get in case of catastrophe - such as the percentage and the currency that it will be denominated. Even 100%, if Coinbase lose all its BTC, the price will drop substantially, covering the losses will cost much less than users' real losses, for lack of a better word. If you know more details, do please enlighten me.